All Forum Posts by: Mike T.

I have dropped 2000 yellow letters  in one month and have been overwhelmed with the amount of call volume.  I also have a full time job.  Make sure you have systems in place to return calls and comp properties quickly.  Remember the goal of the yellow letter is a phone call, you must draw out the motivation.

Google Tampa Heights, the city is spending a lot of money redeveloping this area.  Seminole heights is also an artsy neighborhood that is "cool".  These are very different demographics compared to West Chase.  You can probably get 20% Cash on Cash return.  Beware of old wood houses they may need a lot of work.

Additionally the Riverview/Apollo Beach area is about to have a new hospital open, these are more suburban areas, but they are experiencing growth.

1.  Have you had your roof inspected for hall damage?  My parents live in Suwanee and basically their whole neighborhood got their roof replaced through insurance, they only had to pay deductible.

2.  I had the roof replaced on my personal residence this weekend.  I had a lot of bad roof decking that had to be replaced with all of the fascia.  The whole job took less than two days and was actually a smoother process than I expected.  Everything takes place outside and I was not that inconvenienced. 

I know here in Tampa there is an actual Chinese Drywall Permit that needs to be pulled.  There are testing specialist that test before the rehab and after.  You need to buy really cheap to make money.  The REOS I have seen that have already ripped out the old drywall seem to always have someone pay close to retail for the deal.

Great job, Would love to see a breakdown of how you financed so many properties in a short tim - Conventional, Private, Seller Financing etc.

I had a call from a landlord this week that purchased home in height of market for 150K. She was married at the time putting together rental portfolio with husband. Today she owes 140K and has tenets she is terrified of. She has not been in property for over 18 months.

I have credit and cash. Is this deal worth a short sale attempt. I am assuming I can go through a short sale agent and this will be a lead I put in fire for 6 months. I also believe I would have to close on this deal. In its current shape I would only pay around 80-85. But all homeowner wants is out and she is scared. House is in good neighborhood.

Thank you so much Wayne I did not notice that I could click on the individual sale dates and pull up mortgage and deed info. Looks like property was bought at the height of the market and then last year she bought her husband out of his interest. Now I understand why she is way underwater. Thanks for your help.

I have a lead with a seller who says they have a very large mortgage on a house. According to the county tax accessor the house was sold for 69,000 six months ago as a unqualified sale.

I know that a unqualified sale could be a foreclosure or between relatives. Can someone help me understand how this property has a mortgage over $150,000?

Thanks For your help.

If you open a side business to start a SD 401k. Are you allowed to contribute gross or net income towards your 17,500 contribution?

I started one this year and only earned about 10,000. I have around 5000 in expenses. Can i contribute the full 10000 or will it be 10,000 minus expenses and taxes. I know I need an accountant but have not found one I feel is a top performer.

Thanks

I have recently noticed a few articles posted on mainstream sites such as marketwatch about back door Roth IRA. I am in a situation where I would like to put more that the maximum for my Roth. I am 33 years old and know that the money will be worth a lot more in tax free accounts in retirement.

I have w-2 income

1099 income (building side business for self directed roth 401k)

I currently own no IRAs only a roth account. My understanding is I can open an IRA for 25,000 and the roll that immeadiately into a roth. The downside will be I will not be able to pull initial investment out for five years and my IRA deposit will not lower my AGI (if I am over income limits).

Any additional input?